L7 economic_impacts_of_tourism

L7 economic_impacts_of_tourism - TheEconomicsofTourism...

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The Economics of Tourism The Economics of Tourism
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Take a minute and list 5 positive economic  impacts of tourism on a community (or  person) and 5 negative economic impacts of  tourism on a community (or person)
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Introduction Introduction What is the underlying goal of tourism? To make sure tourists have a great time? To make money?  The 19th-century political economist Adam  Smith said “consumption is the sole end and  purpose of all production”
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Introduction Introduction Tourism industry generates substantial  economic benefits to both host countries and  tourists’ home countries But the benefits are uneven Therefore, positive and negative economic  impacts
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Economics of Tourism Economics of Tourism Most consumer spending occurs  during  leisure  time Holidays and festivals Vacations Shopping for pleasure has become one of our  most popular leisure activities Mega-malls, shopping centers for teenagers to  gather, seniors to exercise, community events,  place to browse and pass the time
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Elasticity  Elasticity  % change in quantity of tourism product demanded   % change in tourism product price = Elasticity of demand Examples: • Toilet paper? • Cruise around the world? Pants? •Trip to Thailand?
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Elastic Price = Demand reacts strongly to change in price Inelastic Price = Change in price made little differences in demand
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Economics of Tourism Economics of Tourism 100 years ago,  75%  of workers' incomes were spent  on food, shelter and clothing -- with less than  2%   spent on leisure Today, the average household need devote only  38%   of its income to the necessities -- allowing  6%  to be  devoted to recreation At the beginning of the 20 th  century, a family's  recreational spending tended to rise by  2%  for every  10%  rise in income By 2001, a  10%  income gain led to roughly a  13%  rise  in recreational spending
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Is tourism an import or  Is tourism an import or  an export? an export?
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Economic Characteristics  Economic Characteristics  Economic Cycles Short Term Effected by… Medium Term Effected by… Long Term Effected by…
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Economic Characteristics  Economic Characteristics  Economic Cycles Short Term Effected by…
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Issues with Tourism Attractions Issues with Tourism Attractions Seasonality:  “a temporal imbalance in the  phenomenon of tourism, [which] may be  expressed in terms of dimensions of such  elements as numbers of visitors, expenditure of  visitors, traffic on highways and other forms of  transportation, employment, and admissions to  attractions”  (Butler 1994: 332)
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Issues with Tourism Attractions Issues with Tourism Attractions J F M A M J J A S O N D
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Economic Characteristics  Economic Characteristics  Economic Cycles Medium Term Effected by…
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Economic Characteristics  Economic Characteristics  Economic Cycles Long Term Effected by…
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L7 economic_impacts_of_tourism - TheEconomicsofTourism...

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